"Price, regulatory issues can lead to benefit headaches"
Boston Business Journal, October 15, 2010
Andrew Liazos spoke about steps employers should and should not take to reduce employee benefit costs. He warned, "If any consultant tells you that they'll manage your 401(k) fees for free and that they'll take their fees from the plan, that should be a red flag," adding that employers should ask any benefits consultant about which firms it partners with and about employee and client turnover. "What that gets to is stability," Mr. Liazos said. "[T]he loss of clients and loss of people working on cases leads to instability and that is something to give serious thought to. I don't think when selecting vendors you can overestimate the importance of understanding the relationships they have with their existing clients." Mr. Liazos also said employers should specifically document services and fees involved in using a consultant.